Because Investing.com alleviates fears of oil demand, Omicron and fuel demand

Author: Gina Lee

Investing.com – Oil rose in Asia on Tuesday morning after a nearly 5% rebound the previous day. Concerns about fuel demand have receded, while talks to revive Iran’s nuclear deal have been hampered.

They rose 0.36% to $ 73.34 for 22:22 ET (3:22 ​​AM GMT) and gained 0.63% to $ 69.93.

Ntsakisi Maluleke, a public health specialist in Gauteng province in South Africa, said at the weekend that patients with the new omicron COVID-19 variant showed only mild symptoms. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, also said, “It doesn’t look like there’s much seriousness so far.”

“This reduces the likelihood of the worst price situation in the oil market in recent weeks,” ANZ analysts said in a statement.

In another sign of confidence, Saudi Arabia raised its January crude oil prices in Asia and the U.S. earlier this week. The decision was made by the Organization of the Petroleum Exporting Countries and Allies (OPEC +) at a meeting last week to increase its supply of 400,000 barrels a day.

Barriers to the resumption of the 2015 nuclear deal by the US and Iran in indirect talks will delay the return of Iranian supplies, which has pushed up prices.

“When negotiations continue to be successful later this week, markets may need to consider longer delays in Iranian oil exports. This is positive for oil prices and supports OPEC + ‘s plans to boost oil production until 2022.” . Vive Dhar analysts said in a statement.

Investors are waiting for the US now, later.